M-79 while not in the regular inventory is still used by special forces units most of the pics I have seen have been in Afghanistan.
Its one of my favorite weapons simple and effective and in a bit more accurate and than the 203. Fairly quick to fire as well , I have read that a good M-79 gunner could put 4 grenades in the air before, the first one hit the ground. Anyone used to firing a break action shotgun can easily operate this arm.
As for a cut down M-240 why not? Something like the M-240E6, a gunsmith would need access to a good machine shop however. It wouldn't be as light as the Mark-48 but it would suffice. Re chambering a 249 to 7.62X51mm would be too difficult.
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